Canoe Financial LP Sells 3,659,421 Shares of Barrick Gold Corp (NYSE:GOLD)

Canoe Financial LP lowered its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 96.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,000 shares of the gold and copper producer’s stock after selling 3,659,421 shares during the quarter. Canoe Financial LP’s holdings in Barrick Gold were worth $1,860,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Ritholtz Wealth Management grew its position in shares of Barrick Gold by 2.8% during the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after buying an additional 502 shares in the last quarter. Greenleaf Trust lifted its stake in Barrick Gold by 2.1% in the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after acquiring an additional 540 shares during the period. Moors & Cabot Inc. grew its holdings in Barrick Gold by 0.9% during the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock worth $1,275,000 after acquiring an additional 579 shares in the last quarter. Chelsea Counsel Co. increased its position in Barrick Gold by 1.4% during the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares during the period. Finally, Silverlake Wealth Management LLC raised its holdings in shares of Barrick Gold by 1.3% in the 3rd quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock valued at $992,000 after purchasing an additional 628 shares in the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Scotiabank dropped their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Raymond James reduced their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Finally, UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus price target of $24.82.

Barrick Gold Stock Performance

GOLD opened at $16.00 on Friday. The firm’s 50-day moving average price is $16.57 and its 200-day moving average price is $18.35. The company has a market cap of $27.85 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.28 and a beta of 0.54. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.35.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.50%. Barrick Gold’s dividend payout ratio is currently 43.01%.

About Barrick Gold

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.